Crypto-linked stocks rose on Friday, led by a strong rally in battered digital asset finance companies, as progress toward ending the Iran war lifted risk assets and sent bitcoin to a maximum of $78,000 for two months.
US President Donald Trump said in a Truth Social post that Iran committed to keeping open the Strait of Hormuz, a key artery for global energy markets.
“Iran just announced that the strait … is wide open and ready for full passage,” Trump said in a Truth Social post, adding that peace talks between the countries were progressing. Reports that the US is considering freeing up $20 billion in Iranian assets and Trump’s remarks about acquiring Iran’s enriched uranium added to the sentiment.
As the headlines helped calm fears of a prolonged energy shock, crude tanked 13% to close to $80 a barrel. barrel.
Risk-on signal
“The reopening of the Strait of Hormuz is the risk signal that global markets have been waiting for,” said Matt Mena, senior crypto research strategist at digital 21shares.
“By removing one of the most significant geopolitical choke points in the world, Iran has effectively unleashed a massive surge of liquidity and investor confidence,” he added. “With oil nosediving below $85 for the first time in a month, inflation fears may finally be coming to an end.”
Bitcoin climbed to $78,000, breaking out of a two-month range that has capped prices since early February and rallied nearly 5% over the past 24 hours.
The move rippled across the broader cryptocurrency prices higher, with major altcoins ether (ETH), Solana (SOL) and XRP (XRP) up 4%-5%.
Looking at crypto-related stocks, the biggest winners were crypto-treasurers – companies that have digital assets on their balance sheets – which had been hit hard in recent months.
Trump family-backed American Bitcoin (ABTC) surged more than 21%, while Strategy (MSTR) rose 13%. Strive (ASST) and ProCap (BRR) added about 10%-11% as investors rotated back to high-beta bitcoin exposure.
Similar moves played out across altcoin-linked stocks. Forum Markets ( FRMM ), an Ethereum-focused treasury firm that turned to tokenization, rose 19%, while Solana-affiliated names like Solmate ( SLMT ) and Upexi ( UPXI ) gained 12%-11%.
Other digital asset-related stocks also rose: Coinbase (COIN) rose more than 6%, Galaxy (GLXY) rose 8%, and Bullish (BLSH) rose 4.5%.
Just after midday on the East Coast, the Nasdaq and S&P 500 were each higher by about 1.4%, both jumping to new record highs.
